Shepherd and Wedderburn banking and finance team reports strong year

Fiona Buchanan

In the year to 31 October 2020, the team advised clients, including banks, funds, financial institutions, alternative lenders, public bodies, corporate borrowers and sponsors, on deals with a total value of more than £40 billion.

Fiona Buchanan, head of banking and finance at Shepherd and Wedderburn, said the positive deal volume illustrates the banking and finance team’s effectiveness in winning new mandates from new and existing clients, including for a number of high-value debt capital markets deals.

“We saw an immediate shift during the initial lockdown towards advising both lenders and corporate borrowers in relation to government-backed schemes such as the Coronavirus Business Interruption Loan Scheme (CBILS), the large business equivalent (CLBILS) and the Covid Corporate Financing Facility, as well as conventional restructuring of debt packages,” she said.

“Beyond that, our clients have also remained active in the clean energy, healthcare, technology, retail, real estate and financial sectors, reflecting the strength of the firm’s expertise in these sectors of critical importance to the economy, particularly as we turn our attention to emerging from the Covid-19 pandemic.”

During the year in review, the banking and finance team completed notable deals across a broad range of sectors, including acting for:

• Neart na Gaoithe Offshore Wind Limited in the £2 billion financing of the Neart Na Gaoithe offshore wind farm;
• Bank of Scotland plc in connection with the provision of £26 million UK government-backed debt support by means of the Coronavirus Large Business Interruption Loan Scheme (CLBILS) for the UK business of retailer Charles Tyrwhitt;
• Big Blu Broadband plc on the sale of its European broadband business, including establishing a new £12 million revolving credit facility provided by Santander; 
• Nord/LB in relation to the circa £19 million funding of the provision of Clydebank Health Care and Care Centre under the Scottish government’s hub initiative; and
• Hunter Boot Limited, the iconic wellington boot brand, in relation to the Scottish aspects of its equity and debt restructuring

In addition, the banking and finance team, alongside colleagues from the firm’s smarter working team, was highly commended in the Most Innovative Use of Technology category at the 2020 UK Lawyer Awards.